UBS 'searching for offices in New York'

29 December 2009

UBS, Switzerland's biggest bank, is on the hunt for up to 800,000 sq ft of office space in New York, a spokesman for the financial institution has said.

The bank currently holds around five million sq ft in the city and its surrounding areas, but with a number of its leases set to expire in the near future, UBS is looking into new properties.

Kris Kagel, a UBS spokesman, told Bloomberg: "We have a number of leases that come up in 2013, so we have started to look at various options including new buildings.

"A decision probably won't be reached for several months."

The search is likely to spark competition among commercial property landlords in New York, where vacant office space has risen by 57 per cent since the collapse of Lehman Brothers in September 2008.

Earlier this month, the Moody's/ REAL Commercial Property Prices Indices reported a fall of 1.5 per cent for October.

This decrease left US commercial property values at their lowest point since August 2002.

By Asim Shah

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